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Banks Shed Internal Alternative Managers, Chance for Sovereign Funds

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public_funds_coastThe infamous Volcker rule, a Dodd-Frank Act provision, is being finalized – U.S. banks are being proactive and shedding assets. The rule prohibits banks from investing in any funds they do not manage. In addition, banks cannot invest more than 3% of their tier-1 capital in private equity or hedge funds.

As U.S. financial conglomerates continue to shed alternative asset managers like private equity and hedge funds, the asset management industry is ready to gobble them up with open arms. Just in August, Citigroup unloaded more than US$ 6 billion in hedge fund and private equity assets. Citi Venture Capital International, a private equity vehicle focused on emerging markets, was sold to The Rohatyn Group, a private equity fund managed by Nicolas Rohatyn. The Rohatyn Group manages around US$ 7 billion in assets. Remaining is Metalmark Capital, a private equity fund focused on North America, in which Citi is trying to negotiate a sale with fund management.

Sovereign wealth funds and public pensions could also be buyers of these asset management firms.

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Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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